Planning is determining what needs to be done, by whom, and by when, in order to fulfill one’s assigned responsibility.  It is important to prepare a plan keeping in view the necessities of the organization or project. It serves the following  three (3) critical functions: [1]

  1. Helps management to clarify, focus, and research their businesses or project’s development and prospects.
  2. Provides a considered and logical framework within which a business can develop and pursue business strategies over the next three to five years.
  3. Offers a Benchmark against which actual performance can be measured and reviewed.

They are nine (9) major components of the planning phase. These are: [2]

  1. Objective:  a goal, target, or quota to be achieved by a certain time
  2. Program: the strategy to be followed and major actions to be taken in order to achieve or exceed objectives
  3. Schedule: a plan showing when individuals or group activities or accomplishments will be started and/or completed
  4. Budget: planned expenditures required to achieve or exceed objectives
  5. Forecast: a projection of what will happen by a certain time
  6. Organization: design of the numbers and kinds of positions, along with corresponding duties and responsibilities, required to achieve or exceed objectives
  7. Policy: a general guide for decision methods for carrying out policy
  8. Procedures: a detailed method for carrying out a policy
  9. Standards: a level of individual or group performances defined as adequate or acceptable

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Updated: 5/31/2018

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